Established in 2011, Cedar Finance is owned and managed by a Cyprus based holding company called P.M. Investment Capital. Although just a few years in operation, Cedar Finance is already one of the more well known binary options brokers in the industry. Unfortunately, their reputation is not exactly shining.
They are considered by many as the most prolific spammer in the binary options industry. A standing joke floating around on the internet is that traders were amazed that YouTube didn’t crash from the sheer volume of videos spammed by Cedar Finance and their associates. Regrettably, this is also the reason why Cedar Finance has so far managed to hide their dubious reputation from the unsuspecting general public.
Platform and Features
While the way Cedar Finance operates leaves very much to be desired, their choice of trading platform cannot be faulted. They use the white labelled platform supplied by Tradalogic. The provider has been in the business of providing binary trading solutions to brokers ever since binary options was introduced to the retail trading sector and is known as a market leader. With the Tradalogic powered platform, traders can be assured of receiving reliable market data as the platform uses live price feeds provided by Thomson Reuters. Today, more than a dozen binary options brokers such as ZoomTrader and OptionBit are using this platform.
One of the key features of the Tradologic platform is its simple, easy to use interface design. The time saving design is especially suited for fast paced trading like those normally encountered by binary traders. The platform also allows traders to trade on the wide range of underlying assets with the 7 different types of option contracts available on the platform.
Apart from being easy to use, the platform also comes with a couple of unique features such as “Take Profit” and “Roll Forward”. The Take Profit feature helps to alert traders when their trades are ‘in the money” and can be closed before the designated expiry time. The Roll Forward feature on the other hand lets traders extend the expiry of their trades when it seems that the trade will expire “out of the money”. Overall, the trading platform used by Cedar Finance is a well designed platform. With a reliable platform and their minimum deposit requirement of just $200 and minimum trade amount of $5, Cedar Finance has certainly made it easy for any aspiring binary traders to open a live trading account with them.
Reliability & Security
For their web security, Cedar Finance uses SSL encryption technology to encrypt their internet traffic between their clients’ computers and their servers. They also incorporate HTTPS protocol for the authentication and to secure the integrity of their website. These measures, by the industry standard, are quite sufficient to protect against eavesdropping and the tampering of data sent through the internet.
As for their reliability, Cedar Finance was initially regulated by the Cyprus Securities Exchange Commission (CySEC) under the CIF license issued to T.B.S.F. Best Strategy Finance Ltd. However that license was revoked by CySEC in June 2014 when T.B.S.F failed to comply with the requirements of their CIF license. Following that incident, Cedar Finance started to operate under the CIF license ((#243/14) issued to its present parent company, P.M. Investment Capital Ltd.
Having had their license revoked once before, one would have thought that that the guys managing Cedar Finance would have already learnt their lesson. Surprisingly, this is not the case as on July 6, 2015, CySEC took the decision to also revoke P.M. Investment Capital Ltd’s CIF license after failing to comply with regulatory requirements. This is a very telling sign that there is something seriously wrong with the way Cedar Finance is operated and speaks volume about their reliability a s binary options broker.
Complaints – 3/10
As expected, the internet is filled with complaints about Cedar Finance. The most common complaints that we found were from traders not being able to withdraw their money and being constantly harnessed to deposit more money into their trading accounts. With number of complaints made against them and having so many outstanding issues to settle, Cedar Finance rate very low on our scam ratings scale.
Bonuses – 2/10
The bonuses offered by Cedar Finance ranges from 30% to 70% and are quite average as per industry standard. While the bonuses may be average, their trading volume requirement for withdrawal is not. Should you taken up on their bonus offer, you are required to 40x the bonus plus the amount that you invested. This is really over the top and in our opinion unethical as you are also being “penalized” by how much you deposited.
Customer Care – 5 /10
Customer support at Cedar Finance is available in 5 different languages and can be accessed through email, live chat and the telephone. Cedar Finance have even gone through the effort of providing a dozen localised telephone numbers in addition to the 3 international numbers which they already have. With all the multi lingual support and various means of communications, you would have thought that the support is top notch. But when you consider the number of negative feedbacks about Cedar Finance on the internet, you can’t help but wonder if all these facilities and support is more for marketing purposes rather than assisting traders.
Price Manipulation – 10/10
With their price feeds provided by Thomson Reuters, we can be assured that the prices streamed onto the platform are accurate. Furthermore, we saw no evidence that Cedar Finance manipulated their pricing in any way.
Deposits & Withdrawals – 3/10
While Cedar Finance supports fund transfers through credit card, wire transfer and web wallets, the withdrawals of funds is problematic with them. While they advertised that the withdrawal requests are processed within 3 days and traders just need to wait for 5 to 7 days for their funds to appear in their bank account, we have seen many complaints that seem to indicate that once you deposited your money with them, you will have a hard time seeing any of it back.
Security – 10/10
With 128bit SSL encryption and HTTPS protocol, the web security at Cedar Finance is fairly tight and secure. We also saw no issues with any of their site certificates indicating that Cedar Finance has not neglected this part of their operations.
As expected, Cedar Finance scores at 33/60 are hardly impressive. As such, we do not recommend that you trade with this broker. With their notorious reputation of accepting deposits and never paying any money out, you will do better by donating your money to your favourite charity rather than keeping these guys in business to scam others. As a note of interest, CySEC, apart from revoking their CIF license, also urged traders to be cautious when dealing with www.regaloptions.com and www.brokeragecapital.com as these websites belong to the same group of people.